"The championship may be held at The Crucible for the entire five years of the new contract. However, as part of the agreement with the city of Sheffield, there is a commitment by both parties to begin work now examining the feasibility of a new purpose-built venue.

"That may lead to a new venue before the end of this new contract - we shall have to wait and see."

The championship may be held at The Crucible for the entire five years of the new contract

Sir Rodney Walker

Walker added that the Crucible would undergo a £8-10m refurbishment in 2007, which would improve facilities inside the venue, but would not expand the number of seats in the arena.

"The academy and home for snooker will be established in the £25m English Institute of Sport," he continued. "We have been allocated 6,000 square feet of space inside that building to create the academy and office accommodation.

"We hope to establish a new federation of cue sports there, which will bring together the amateur bodies from within the UK and perhaps even the amateur organisations from Europe.

"This is a very exciting time for snooker, and I'm delighted that both these important aspects of snooker's future are to be held in Sheffield."